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Prada Offers Price Ranging From 36.5 To HK $48 &Nbsp, Up To 20 Billion 300 Million.

2011/6/7 11:22:00 75

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According to Hong Kong media, last week, they had already sold to Hong Kong.

Prada

(new listing number: 01913), yesterday officially launched international sales.

The issuing price is between 36.5 and 48 yuan per share, and the admission fee is about 4848.38 yuan.

Prada's highest fund-raising is 20 billion 300 million yuan higher than expected, and its pricing is also very aggressive, with a PE forecast of 28 times.

brand

。

According to the sales documents, Prada is the second time.

Prospectus

The sale of 423 million shares, together with the other 15% excess allotment rights, will raise 23 billion yuan if the price is set at the upper limit.

Prada has raised about $2 billion (about HK $15 billion 600 million).

The fund has no intention of flying.

A fund manager pointed out that the Prada response was expected to be enthusiastic, but the valuation was expensive.

The number of shares issued by Prada is about 16.5% of the enlarged share capital.

Goldman Sachs, one of the Underwriters, predicts that Prada will be 382 million euros (about HK $4 billion 340 million) from January to the end of next year, with the forecast that the price earnings ratio of Prada will be between 21.5 and 28.3 times.

In terms of price to earnings ratio, Prada is priced close to the high-end market, higher than many European luxury companies (see table).

Goldman Sachs LV PE14.7 times next year

Among them, Louis Weedon, a more familiar Louis (Vuitton LVMH) group, had a forecast price earnings ratio of only 19.2 times at yesterday's closing price. Goldman Sachs forecast earnings in 2012 was 14.7 times.

Another comprehensive jewellery luxury group (Richemont), from Asia (excluding Japan) to the latest published year, accounted for 37% of the total, higher than 32% of Prada, but the expected price earnings ratio is only 18.3 times.

However, similar to Prada, Hermes, the less popular leather clothing brand, Bloomberg estimates its market earnings at the end of 2011 is 39 times.

The income of Hermes last year, excluding Asia (excluding Japan), accounted for 22% of the total, lower than that of Prada.

Old stock accounted for 86%, the largest set of 17 billion 500 million.

In addition, it is worth noting that 86% of the number of shares sold is Prada current shareholders, including chief designer Miuccia Prada and chief executive officer Patrizio Bertelli, and the total amount of shares sold by the Bank of St Paul can be up to 17 billion 460 million yuan, the former accounts for 12 billion 500 million yuan, and it means that the company's most capital raising amount is about 2 billion 840 million yuan.

The Prada public offering will start next Monday and will be listed on the 24 day.

Public offering accounts for 10% of the total number of shares issued, that is, about 42 million 300 thousand shares, but even if the oversubscription is over 100 times, the callback mechanism will only increase this part to 25%, and the callback is less common.